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kt nasmedia

089600 · KOSDAQ · ₩089600 · KT나스미디어

₩12,330▲ ₩80 (0.65%)End-of-day · Oct 30, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩29,198

vs the current price (₩12,330)

Enterprise value
₩328B
Equity value
₩333B
WACC
7.2%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 137% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

  • To match today's price of ₩12,330, the model needs an operating margin of 8.6% every year (it uses 18.9%).
  • Or revenue growth −24.0 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 10.4% to 34.5% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • Today's P/E is 9.5× against a typical 11.2× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear
₩19,668
+59.5%
Base
₩29,198
+136.8%
Bull
₩45,160
+266.3%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (18.9%).

Revenue growth

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3% a year, annual reports), fading to 3% by year 5.

Business

  • 18.9%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 0.9%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 1.1%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 40%

    Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.

    Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.01%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.06, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.51%

    The interest rate the company would pay to borrow.

    Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026)
₩127B
Net debt (borrowings and leases − cash and deposits)
₩2.8B
+ Stakes and investments
₩8.1B
Associates, long-term financial assets and deposits (book value)
Shares
11,406,560
Share price
₩12,330
Market cap
₩141B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩109B₩104B₩118B₩131B₩135B₩139B₩143B₩147B
Growth1.3%−5.0%13.5%3.0%3.0%3.0%3.0%3.0%
EBIT₩19B₩17B₩12B₩25B₩25B₩26B₩27B₩28B
EBIT margin17.8%16.8%10.4%18.9%18.9%18.9%18.9%18.9%
After-tax EBIT₩14B₩13B₩8.9B₩18B₩18B₩19B₩20B₩20B
+ Depreciation———₩1.2B₩1.2B₩1.2B₩1.3B₩1.3B
− Capital spending₩1.9B₩649M₩978M₩1.4B₩1.5B₩1.5B₩1.6B₩1.6B
− Working capital₩16B₩20B₩42B₩1.5B₩1.6B₩1.6B₩1.7B₩1.7B
Free cash flow———₩16B₩17B₩17B₩18B₩18B
Discount factor———0.9320.8690.8110.7560.705
Present value———₩15B₩14B₩14B₩13B₩13B

Terminal value ₩367B, worth ₩258B today: 79% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

LowTypicalHigh
Price / book (book value ₩17,783 a share)Now 0.69×₩12,3300.69×₩19,0851.07×₩29,6211.67×
Price / earnings (last 12 months: ₩1,296 a share)Now 9.51×₩12,2509.45×₩14,51311.2×₩19,29414.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,391 a share)Now 5.16×₩22,6029.45×₩26,77811.2×₩35,59914.9×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →1.0%1.5%2.0%2.5%3.0%
6.2%₩30,955₩33,236₩36,050₩39,610₩44,263
6.7%₩28,245₩30,064₩32,262₩34,974₩38,406
7.2%₩25,971₩27,445₩29,198₩31,316₩33,930
7.7%₩24,035₩25,247₩26,668₩28,357₩30,397
8.2%₩22,367₩23,376₩24,544₩25,913₩27,539

Now (TTM)

Market cap
₩141B
Enterprise value
₩127B
P/E
9.5×
P/B
0.7×
P/S
1.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩12,990₩13,900₩22,300₩25,000₩29,994
Market cap₩148B₩159B₩254B₩285B₩342B
P/E22.0×144.4×14.7×11.9×14.0×
P/B0.7×0.9×1.3×1.6×2.0×
P/S1.3×1.5×2.3×2.6×3.9×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
kt nasmedia9.5×0.7×1.1×—0.0%
S-124.3×2.2×1.3×—0.0%
Cheil Worldwide8.5×1.2×0.4×—6.7%
Doosan Tesna50.9×3.9×5.3×—0.2%
Lotte Tour Development15.2×2.1×1.1×—0.0%
Soulbrain Holdings1.3×0.4×1.2×—1.3%
Innocean Worldwide5.4×0.6×0.3×—6.8%
Similar companies (median)11.8×1.6×1.2×—0.8%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: kt nasmedia / KT나스미디어 / 089600 / KRX:089600

Source: KRX statistical information